Analyst Reaffirms Buy on Thule as Strong European Growth and Margin Outperformance Offset North American Weakness

In a report released today, Adela Dashian from Jefferies maintained a Buy rating on Thule Group AB, with a price target of SEK290.00.

Adela Dashian has given his Buy rating due to a combination of factors, notably Thule’s solid organic revenue growth despite headline sales pressure from foreign‑exchange movements. The company posted mid‑single‑digit organic expansion overall, with Europe showing particularly strong, broad‑based demand across key product categories, underlining the resilience of the core franchise.

Dashian also highlights that profitability exceeded market expectations, as EBIT and margins improved on the back of stable gross margins and disciplined operating cost control. While North America remains challenging, management is delivering gradual improvement there, and the stronger margin performance into the upcoming peak season supports confidence in further earnings upside, justifying the positive recommendation.